34 Facts About Citigroup

Citigroup Inc or Citi is an American multinational investment bank and financial services corporation headquartered in New York City.

Citigroup was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998; Travelers was spun off from the company in 2002.

Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries.

Citigroup is the third largest banking institution in the United States; alongside JPMorgan Chase, Bank of America, and Wells Fargo, it is one of the Big Four banking institutions of the United States.

Citigroup has approximately 200 million customer accounts and does business in more than 160 countries.

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Citigroup's name was changed to The National City Bank of New York in 1865 after it joined the new U S national banking system, and it became the largest American bank by 1895.

Citigroup organically entered the leasing and credit card sectors, and its introduction of U S dollar-denominated certificates of deposit in London marked the first new negotiable instrument in the market since 1888.

In 2000, Citigroup acquired Associates First Capital Corporation for $31.

In 2001, Citigroup made additional acquisitions: European American Bank, in July, for $1.

Citigroup retained the life insurance and annuities underwriting business; however, it sold those businesses to MetLife in 2005.

Citigroup still sells life insurance through Citibank, but it no longer underwrites insurance.

In spite of divesting Travelers Insurance, Citigroup retained Travelers' signature red umbrella logo as its own until February 2007, when Citigroup agreed to sell the logo back to St Paul Travelers, which renamed itself Travelers Companies.

Citigroup decided to adopt the corporate brand "Citi" for itself and virtually all its subsidiaries, except Primerica and Banamex.

Citigroup had used elaborate mathematical risk models which looked at mortgages in particular geographical areas, but never included the possibility of a national housing downturn or the prospect that millions of mortgage holders would default on their mortgages.

Citigroup eventually stripped Bowen of most of his responsibilities and informed him that his physical presence was no longer required at the bank.

Citigroup agreed to try to modify mortgages, using standards set up by the FDIC after the collapse of IndyMac Bank, with the goal of keeping as many homeowners as possible in their houses.

Citigroup will continue to operate as a single company for the time being, but Citi Holdings managers will be tasked to "take advantage of value-enhancing disposition and combination opportunities as they emerge", and eventual spin-offs or mergers involving either operating unit were not ruled out.

In October 2014, Citigroup announced its exit from consumer banking in 11 markets, including Costa Rica, El Salvador, Guatemala, Nicaragua, Panama, Peru, Japan, Guam, the Czech Republic, Egypt, South Korea, and Hungary.

Citigroup will have four months to make a new plan and submit it to the Federal Reserve.

Citigroup owns a building in Tribeca, Manhattan at 388 Greenwich Street that serves as headquarters for its Investment and Corporate Banking operations and was the former headquarters of the Travelers Group.

Citigroup owns the naming rights to Citi Field, the home ballpark of the New York Mets Major League Baseball team, via a $400 million, 20-year deal that commenced with the stadium opening in 2009.

FInRA found that Citigroup did not properly supervise a team of brokers located in Charlotte, N C, who used misleading sales materials during dozens of seminars and meetings for hundreds of BellSouth employees.

In July 2010, Citigroup agreed to pay $75 million to settle civil charges that it misled investors over potential losses from high-risk mortgages.

The U S Securities and Exchange Commission said that Citigroup had made misleading statements about the company's exposure to subprime mortgages.

In 2007, Citigroup indicated that its exposure was less than $13 billion, when in fact it was over $50 billion.

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In 2014, Citigroup agreed to pay $7 billion to resolve claims it misled investors about shoddy mortgage-backed securities in the run-up to the financial crisis.

In July 2015, Citigroup was fined $70 million by the United States Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, and ordered to pay $700 million to customers.

Citigroup had conducted illegal practices in marketing add-on products for credit cards, including credit monitoring, debt-protection products and wallet-protection services.

Citigroup was accused of issuing exaggerated research reports and not disclosing conflicts of interest.

In 2005, Citigroup paid $2 billion to settle a lawsuit filed by investors in Enron.

Citigroup was criticized for failing to adequately supervise its traders and for not having systems in place to detect spoofing, which involves entering fake orders designed to fool others into thinking prices are poised to rise or fall.

Between 1998 and 2014, Citigroup spent nearly $100 million lobbying the federal government.

Matthew Vadum, a senior editor at the conservative Capital Research Center, acknowledged these figures, but pointed out that Citigroup had been "a longtime donor to left-wing pressure groups", and referred to a Capital Research Center Foundation Watch 2006 study of Fortune 100 foundation giving, where Citigroup's foundation gave "20 times more money to groups on the left than to groups on the right" during the tax year 2003.

The policy doesn't affect clients who offer credit cards backed by Citigroup or borrow money, use banking services, or raise capital through the company.